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Corporate restructuring picks pace as India Inc's mantra to unlock value
ABLBL was demerged from Aditya Birla Fashion and Retail in May and now houses popular brands such as Louis Philippe, Van Heusen, Allen Solly, and Peter England. The company was valued at nearly Rs 20,000 crore.
Last week, Siemens Energy India, which was hived off from its parent company Siemens Ltd, listed at a valuation of over Rs 1 trillion. Following the listing, the combined value of the two multinational firms reached Rs 2.14 trillion, compared to Rs 1.75 trillion as a consolidated entity, marking a significant increase from its pre-demerged valuation.
Experts believe that this demerger drive has helped unlock shareholder value in several cases. Motilal Oswal has set a target price of Rs 190 per share for ABLBL, compared to an implied value of Rs 171. This target price is based on an estimated EV/Ebitda multiple of 15x for FY27.
Several other demergers are currently in the pipeline at Tata Motors, Vedanta, and Raymond.
Tata Motors is set to split into two separate companies, with one focusing on commercial vehicles and the other on passenger vehicles, including Jaguar Land Rover. The company indicated at its AGM last week that both entities are expected to list separately in the third quarter of FY26 (before the end of 2025 calendar year).
Raymond Realty, the real estate arm hived off from Raymond Ltd, is expected to list early next month. The Mumbai-based firm operates brands such as TenX, The Address, and Invictus and owns 100 acres of land in Thane. It has entered into six joint development agreements, with a gross development value of approximately Rs 40,000 crore, according to company estimates.
Another significant demerger underway is the spinoff of Vedanta into four independent, sector-focused entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta. Currently valued at Rs 1.75 trillion, Vedanta's Aluminium business alone is estimated to be worth Rs 1.2 trillion. Analysts anticipate that the combined market cap of the six entities could exceed the current market value.
Other notable demergers this year include the spinoff of ITC Hotels from ITC in January and Guess Corp's three-way demerger, creating Quess Corp (focusing on core workforce management and general staffing), Digitide Solutions (specialising in digital and IT staffing), and Bluspring Enterprises (managing facility management and industrial services).
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